{
  "id": 11694961,
  "title": "Sports betting is America’s new pastime—and it’s bigger than movies, music, and museums together as Americans wage a whopping $166 billion on bets",
  "url": "https://urgent.news/2026/10/03/sports-betting-is-americas-new-pastime-and-its-bigger-than-movies",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-03T13:12:54.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/article/gambling-america-favorite-thing-movies-arts-museums-music/"
  },
  "original_language": "en",
  "account": "In 2025, American adults wagered a staggering $166 billion on sports betting, surpassing combined revenues of movies, music, and museums. This explosion in sports gambling can be attributed to the rise of prediction markets like Kalshi and Polymarket, which have altered the way bettors engage with sporting events. Despite traditional sportsbooks, such as those in Las Vegas, losing market share, many Americans are now turning to prediction markets, which remain unregulated by state authorities. The legal landscape surrounding these markets has become increasingly contentious, with Kalshi facing cease-and-desist orders and criminal charges in several states, including Arizona, which made history as the first state to charge the company with illegal gambling. Federal courts have reached conflicting conclusions on the matter, with some siding with Kalshi's argument that federal commodities law supersedes state gambling laws and others ruling that sports-related event contracts are indeed sports wagers. As the industry continues to grow, it is projected that the true scale of American sports wagering, including gambling through prediction market platforms and unreported tribal handle, could reach $300 billion. This figure far exceeds the $70 billion generated by legal sportsbooks and traditional forms of entertainment, such as movies, music, and museums. While the average adult sports bettor may lose around $100 per year, it is the small percentage of heavy bettors who account for the majority of these losses. The industry's aggressive marketing strategies, including free-bet promotions and personalized offers, have proven effective in retaining these high-spending users. The rapid expansion of sports betting began in 2018 following the Supreme Court's decision to overturn the federal ban on the activity. Now, states like New Jersey, New York, Massachusetts, Colorado, and Arizona have seen annual sports betting handle surpass $1,000 per person, highlighting the profound impact this form of entertainment has had on American society.",
  "summary": "Americans wagered $166 billion on sports last year, more than Hollywood, the music industry, books, and museums combined.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}